If you’ve noticed an increase in #opentowork banners on LinkedIn due to company-wide layoffs, you’re not crazy. Amazon, American Airlines, and Google are just a few companies across multiple industries laying off thousands of employees to cut costs. The recent increase in layoffs has shown us that the traditional 9-to-5 job doesn’t necessarily guarantee security like it used to.
For many people, a layoff is followed by feelings of confusion, doubt, and financial anxiety. It can make you question your value and contributions to an organization, especially if you’ve invested much of your time and energy in supporting their mission. For other people, being laid off may be a relief from a toxic work environment, giving them a much-needed breath of fresh air and a push to embark on a new journey.
Bouncing back from a layoff in today’s job market can feel nearly impossible, but it can be done. Keep reading for six tips to regain control of your career and bounce back like the BAUCE that you are.
1. Inquire about eligible benefits
The first thing you should do once you receive the news that you’ve been laid off is find out what you’re entitled to. This includes finding out whether or not you will receive a severance package and if you qualify for unemployment benefits within your state.
A severance package typically requires a signed agreement in exchange for temporary pay and benefits to avoid legal action or negative press. The benefits offered within a severance package vary based on the company and are not always guaranteed. But, it’s important to be informed about them. You may be able to find this information in applicable handbooks, policies, your benefit documents, etc.
If you are terminated at no fault of your own, you may be eligible for unemployment benefits in your state. There is no shame in receiving unemployment, and it doesn’t hurt to apply. Make sure to obtain formal documentation in case you need to provide evidence of being laid off.
It’s not often that we prepare to be laid off, so whether it is through a severance package or unemployment, get that money, honey! This will allow you to continue paying your monthly expenses with confidence as you jump back into the job market and seek new opportunities.
2. Process your emotions
No one logs into work expecting to receive an email or call stating they are being let go. If you’ve recently experienced a layoff, you may think, “What now?” The obvious answer may be to jump back into the job market because, let’s be real, bills still need to get paid. You may immediately start thinking about your finances and how to continue to support yourself or your family. You may also feel resentful from all the overtime you put in to meet tight deadlines and high expectations only to be laid off. This is normal, and you deserve time to process before jumping into action mode (even if it’s just a couple of days). Allow your community to show up for you during this time of uncertainty. Once you’ve given yourself time to process your emotions, create a strategic game plan to move forward.
3. Evaluate your skills
Look back on all the projects (big or small) you helped get to the finish line. Write down all the responsibilities you took on throughout your career journey, the skills you acquired, and the results you provided. Use this information to create a personalized brag sheet. Jot down the types of roles you desire that align with the skills you already have. Now, update your resume and LinkedIn. That way, you can confidently speak to your accomplishments, expertise, and impact. You’d be amazed at how talented you are and the transferable skills you can carry over into a new position. The perfect opportunity is waiting for you because you have the in-demand skills that hiring managers want. Go get it, sis!
4. Leverage your network
Being laid off may feel humiliating, but it is more common than you think. According to Bureau of Labor Statistics data, there are approximately 1.5 million layoffs per month within the U.S., and nearly 40% of Americans experience a layoff at least once in their career, so you are most certainly not alone.
You should be open about the current state of your employment with your network. Some people want to help you and see you win. You never know who may be hiring or who knows someone who is hiring within your network. After all, many job opportunities come from referrals and networking rather than simply applying and hoping for the best. This goes back to the importance of evaluating your skills and having your resume up to date, because if you stay ready, you don’t have to get ready!
5. Be open-minded to new types of income streams
The narrative that a corporate 9-to-5 job automatically guarantees stability and security is a myth. You find that out pretty quickly once you’ve been laid off. But getting laid off can open the door to new possibilities. From freelancing and contract work to starting your own business, there are many ways to work and earn money. If you’re seeking more flexibility with how and where you work, freelancing and contract work might be for you. Check out this article, where we provide a list of in-demand freelancing jobs that have high earning potential. If you’re ready to take the leap and become your own boss, this may be the time to put your ideas into action. We have featured a plethora of women entrepreneurs who have shared their journeys and advice from personal experience to help you get started.
We are in a day and age where diversifying and multiplying your streams of income is almost necessary. That way, when one dries up, you have another stream to fall back on. Opening your mind to new types of income streams can help you feel more confident and better prepared for economic downturns in the future.
6. Rest
Other than the weekends, how often is it that you get a full night’s rest? Unfortunately, sufficient rest is a privilege that not all people have time for, but if you do have the time, REST. Needing rest and taking breaks doesn’t make you lazy or unambitious. It lowers your chances of burnout and gives you the opportunity to return to your job search and career strategy with a new sense of energy.
